20620 Little Chicago Rd

INCREDIBLE opportunity that only comes around once in a blue moon in the Indianapolis area! Rare lakehouse investment property with four units, including a 5-bedroom high-performing STR unit. The Airbnb/STR features a game room overlooking the lake, a bunkhouse room (capable of sleeping 22 in total), a large dining area with two banquet tables, multiple decks for lounging / taking in views, recreational equipment (including kayaks and rowboats), and more! Perched on the southwest corner of the lake with a stunning view Morse Reservoir, this property comes with 7 boat slips, allowing immediate access onto the waters for boating. Let's talk numbers because property cranks cash flow -- the STR unit grossed over $129K in 2024 (~$10,800 / mo). With over $97K in revenue on the books in 2025, is set to out-compete this year. Two of the units are rented to long-term residents, bringing in a stable backbone of cash flow -- a 2-bedroom unit rented for $2000 / month, and a Studio apartment rented for $1100 / month. The last unit, the "Owner's Suite" is vacant and ready for personal use or another rental income source (estimated at $1700 / mo). This one-bedroom unit features a recently high-end remodelled bathroom with/ tiled surround, as well as a comfy loft for more heads to sleep. The projected revenue is $16,300 / mo, or just over $195K / year for this high-performing investment property. Use for personal recreational use just 30 mins outside Indy, further optimise it for a lucrative multifamily/STR investment, or buy it and convert to a single-family home with ADU... Endless options here! Updates include roof, siding, gutters ('23), 74 new vinyl windows, 2 units have new HVAC, upgraded docks w/ floaters, and new LVP flooring in Airbnb unit. Noblesville has recently completed a boardwalk & retaining wall along Little Chicago Rd. Property sits 13 mins to Grand Park in Westfield, which hosts over 5 million annual visitors/yr. Snag this one while you can!